Common use of Payment on Securities Clause in Contracts

Payment on Securities. (a) Subject to the following provisions, the Company will pay to the Trustee the amounts of principal of and interest on the Securities at the times and for the purposes set forth herein and in the text or provided for in the terms of the Securities for each Series, and the Company hereby authorizes and directs the Trustee from funds so paid to it to make or cause to be made payment of the principal of and interest, if any, on the Securities and coupons of each Series as set forth herein and in the text or provided for in the terms of such Securities and coupons. Except as otherwise provided with respect to any Series of Securities, the Trustee will arrange directly with any Paying Agent for the payment, or the Trustee will make payment, from funds furnished by the Company, of the principal of and interest, if any, on the Securities and coupons of each Series by check in the currency in which the Securities are payable.

Payment on Securities. (a) Subject to the following provisions, the Company will pay to the Trustee the amounts of principal of and interest on the Securities at the times and for the purposes set forth herein and in the text or provided for in the terms of the Securities for each Series, and the Company hereby authorizes and directs the Trustee from funds so paid to it to make or cause to be made payment of the principal of and interest, if any, on the Securities and coupons of each Series as set forth herein and in the text or provided for in the terms of such Securities and coupons. Except as otherwise provided with respect to any Series of Securities, the Trustee will arrange directly with any Paying Agent for the payment, or the Trustee will make may payment, from funds furnished by the Company, of the principal of and interest, if any, on the Securities and coupons of each Series by check in the currency in which the Securities are payable.